Category: Ponzi

BitConnect related extortionE
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August 19, 2024

Extreme Revenge: An Indian Victim of the BitConnect Ponzi Scheme Arrested Over $146 Million Extortion Case!

This is a Bollywood story: The Indian Enforcement Directorate (ED) announced the arrest of Shailesh Babulal Bhatt, a Gujarat resident, in connection with a massive cryptocurrency extortion case valued at over ₹1,200 crore (approximately $148 million). Bhatt, who has a history of involvement in kidnapping and extortion incidents, was apprehended. He is one of the many victims of the notorious $2.4-Billion BitConnect crypto Ponzi scheme.
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SEC files complaint against Ponzi scheme Drive PlanningS
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August 14, 2024

SEC Halts $300 Million Ponzi Scheme Orchestrated by Atlanta-Based Firm Drive Planning LLC

The U.S. SEC has taken decisive action against Atlanta-based Drive Planning LLC and its founder, Russell Todd Burkhalter, for orchestrating a $300 million Ponzi scheme that defrauded more than 2,000 investors. The SEC has obtained a preliminary injunction, an asset freeze, and other emergency relief measures to prevent further harm to investors, while a receiver has been appointed to oversee the operations of Drive Planning.
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July 27, 2024

CFTC Ordered Prisoned Forex & Crypto Ponzi Scheme Operator to Pay Over $31 Million!

While already in prison, the U.S. Commodity Futures Trading Commission (CFTC) has announced that the U.S. District Court for the Western District of Texas has ordered Abner Alejandro Tinoco and his company, Kikit & Mess Investments, LLC, to pay more than $31 million in monetary relief. The court's order, dated July 9, mandates restitution, disgorgement, and civil penalties for their involvement in a forex and crypto Ponzi scheme.
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Warning: Top GPT is a Ponzi schemeP
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May 27, 2024

Ponzi Warning: BehingMLM Review Qualifies Top GPT as a Ponzi Scheme in Disguise!

According to a recent review by BehindMLM, a leading MLM review platform, Top GPT has been identified as a "click a button" Ponzi scheme. The platform raises significant red flags, including a lack of transparency about its ownership and executive team, dubious claims of legitimacy, and misleading information. Given their reputation, investors should pay attention to BehindMLM reviews and warnings.
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Ponzi scheme iGenius exposed on TikTokS
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May 1, 2024

Social Media-Powered Ponzi Schemes: The iGenius Case Exposed on TikTok!

The digital age has reshaped how we communicate and how scammers operate. Gone are the days when multi-level marketing (MLM) schemes were predominantly spread in hotel conference rooms and large events. Today, social media platforms like Instagram and TikTok have become the new arenas for these fraudulent operations. One such scheme recently spotlighted is iGenius, formerly known as Kuvera and Kuvera Global, which has been identified as a Ponzi scheme.
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Daniel Thomas Broyles senteced to 4 years prison time over investment fraudU
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January 13, 2024

U.S. Citizen Charged for Multimillion-Dollar Pyramid Scheme

The U.S. Department of Justice (DOJ) recently announced an indictment against Alex Dee, a U.S. citizen residing in Canada, for orchestrating a multimillion-dollar pyramid scheme through 8 Figure Dream Lifestyle LLC (8FDL). Additionally, the co-founders Brian Kaplan, 52, of Fort Collins, Colorado, and Jerrold Maurer, 58, have pleaded guilty to one count of conspiracy to commit wire fraud, facing a maximum of five years in prison.
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UK citizen charged in US over wine scamU
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December 17, 2023

UK Citizen Extradited To US To Face Charges Fraud And Money-Laundering Charges In $99 Million Wine Ponzi Scheme!

Stephen Burton, the alleged mastermind behind a purported fine-wine investment strategy, which authorities describe as a $100 million Ponzi scheme, has been extradited to the U.S. to face criminal charges. The 58-year-old from the U.K. was transported from Morocco to New York, where he faces charges of money laundering and wire fraud related to a years-long scheme involving non-existent high-yield loans backed by ultra-expensive wines.
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